Data as of Nov 4, 2026.
CAOS vs PHEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than PHEQ: correlation −0.15 against +0.94.
askIQ about this page
askIQ about CAOS and PHEQ
Net assets: $728m on Nov 3, 2026 for Alpha Architect Tail Risk ETF, and $140m on Jun 30, 2026 for Parametric Hedged Equity ETF.
CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.
PHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, PHEQ −0.34%.
Pair scorecard
PHEQ costs 0.34 points a year less; their one-year returns differ by 9.9 points.
| Measure | CAOS | PHEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +11.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.63% | 0.29% |
| Net assets, CAOS as of Nov 3, 2026 and PHEQ as of Jun 30, 2026 | $728m | $140m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.01: about 0.01% for each 1% | +0.40: about 0.40% for each 1% |
| Its average week when the S&P 500 fell | rose 0.04% | fell 0.34% |
How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed
One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →
Risk and return
Oct 27, 2023 to Oct 30, 2026 · 157 weekly returnsFrom Oct 2023 to Oct 2026, PHEQ returned more: +53.6% to +13.1%. CAOS swung less: 2.4% to 7.8%. CAOS fell less at its worst: −2.5% to −11.4%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | CAOS | PHEQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +13.1% | +53.6% | PHEQ | Price change plus distributions, reinvested. |
| Annualized | +4.2% | +15.3% | PHEQ | Total return as a yearly rate. |
| Price return | +13.1% | +46.5% | PHEQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 2.4% | 7.8% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 1.3% | 4.9% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.5% | −11.4% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.14 | 1.30 | PHEQ | Return above Treasury bills per unit of volatility. |
| Sortino | −0.27 | 2.04 | PHEQ | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.69 | 1.34 | CAOS | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 157 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CAOS | PHEQ | CAOS | PHEQ |
| 3 months | +1.0% | +2.2% | not measured | +2.3 pts vs VOO |
| 6 months | +0.8% | +5.1% | not measured | +0.1 pts vs VOO |
| 1 year | +1.3% | +11.2% | not measured | −3.6 pts vs VOO |
| 3 years | +10.5% | +49.5% | not measured | −33.8 pts vs VOO |
| Since launchNot the same days: CAOS Mar 2023 · PHEQ Oct 2023 | +18.5% | +51.1% | not measured | −35.7 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CAOS and PHEQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and PHEQ’s +0.94. In the 26 weeks the index fell, by 1.07% a week on average, CAOS averaged +0.04% and PHEQ −0.34%. Over the same weeks, CAOS finished 2.3 percentage points behind cash and PHEQ finished 7.2 points ahead of cash.
Client brief:
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
CAOS
CAOS is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.15 with the S&P 500’s and a beta of −0.01, so for each 1% the index moved it moved about 0.01% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CAOS rose 0.04% on average, a down-week capture of −3.3%. Over the same 52 weeks CAOS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.3 percentage points behind cash.
PHEQ
PHEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.40, so for each 1% the index moved it moved about 0.40% the same way. In the same weeks PHEQ fell 0.34% on average, a down-week capture of 31.6%. Over the same 52 weeks PHEQ returned +10.9% and a Treasury bill fund +3.7%, so it finished 7.2 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CAOS or PHEQ?
- Over the 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and PHEQ’s +0.94, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or PHEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CAOS averaged +0.04% and PHEQ −0.34%, so CAOS returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, CAOS against PHEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/caos-vs-pheq
ETFIQ. (Nov 4, 2026). CAOS against PHEQ. Retrieved from https://etfiq.com/compare/alternatives/caos-vs-pheq
[CAOS against PHEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/caos-vs-pheq)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.